Intrinsic value of Air Products&Chemicals - APD

Previous Close

$155.40

  Intrinsic Value

$55.17

stock screener

  Rating & Target

str. sell

-64%

Previous close

$155.40

 
Intrinsic value

$55.17

 
Up/down potential

-64%

 
Rating

str. sell

We calculate the intrinsic value of APD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 34.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  8,720
  9,274
  9,850
  10,450
  11,075
  11,727
  12,407
  13,116
  13,857
  14,630
  15,438
  16,283
  17,166
  18,090
  19,056
  20,068
  21,127
  22,237
  23,398
  24,616
  25,891
  27,229
  28,630
  30,100
  31,641
  33,257
  34,952
  36,730
  38,595
  40,552
Variable operating expenses, $m
  6,934
  7,367
  7,818
  8,288
  8,778
  9,288
  9,820
  10,375
  10,955
  11,560
  12,083
  12,745
  13,436
  14,159
  14,915
  15,707
  16,536
  17,404
  18,314
  19,267
  20,265
  21,311
  22,409
  23,559
  24,765
  26,030
  27,357
  28,748
  30,208
  31,740
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,934
  7,367
  7,818
  8,288
  8,778
  9,288
  9,820
  10,375
  10,955
  11,560
  12,083
  12,745
  13,436
  14,159
  14,915
  15,707
  16,536
  17,404
  18,314
  19,267
  20,265
  21,311
  22,409
  23,559
  24,765
  26,030
  27,357
  28,748
  30,208
  31,740
Operating income, $m
  1,786
  1,906
  2,031
  2,162
  2,298
  2,439
  2,587
  2,741
  2,902
  3,070
  3,355
  3,538
  3,730
  3,931
  4,141
  4,361
  4,591
  4,832
  5,085
  5,349
  5,626
  5,917
  6,222
  6,541
  6,876
  7,227
  7,595
  7,982
  8,387
  8,812
EBITDA, $m
  2,760
  2,935
  3,117
  3,307
  3,505
  3,712
  3,927
  4,151
  4,386
  4,630
  4,886
  5,153
  5,433
  5,725
  6,031
  6,351
  6,687
  7,038
  7,405
  7,791
  8,194
  8,618
  9,061
  9,526
  10,014
  10,526
  11,062
  11,625
  12,215
  12,835
Interest expense (income), $m
  126
  214
  241
  270
  300
  331
  363
  397
  432
  468
  506
  546
  588
  631
  677
  725
  775
  827
  881
  939
  998
  1,061
  1,127
  1,196
  1,268
  1,344
  1,424
  1,507
  1,594
  1,686
  1,782
Earnings before tax, $m
  1,572
  1,665
  1,762
  1,862
  1,967
  2,077
  2,191
  2,310
  2,434
  2,564
  2,809
  2,951
  3,099
  3,254
  3,416
  3,586
  3,764
  3,951
  4,146
  4,351
  4,565
  4,790
  5,026
  5,273
  5,532
  5,803
  6,088
  6,387
  6,701
  7,030
Tax expense, $m
  424
  450
  476
  503
  531
  561
  591
  624
  657
  692
  758
  797
  837
  879
  922
  968
  1,016
  1,067
  1,119
  1,175
  1,233
  1,293
  1,357
  1,424
  1,494
  1,567
  1,644
  1,725
  1,809
  1,898
Net income, $m
  1,148
  1,215
  1,286
  1,359
  1,436
  1,516
  1,599
  1,686
  1,777
  1,872
  2,050
  2,154
  2,262
  2,375
  2,494
  2,618
  2,748
  2,884
  3,027
  3,176
  3,333
  3,497
  3,669
  3,849
  4,038
  4,237
  4,445
  4,663
  4,892
  5,132

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  17,795
  18,926
  20,102
  21,327
  22,603
  23,933
  25,321
  26,768
  28,280
  29,858
  31,507
  33,231
  35,033
  36,918
  38,891
  40,955
  43,117
  45,381
  47,752
  50,236
  52,840
  55,568
  58,429
  61,428
  64,573
  67,871
  71,330
  74,959
  78,766
  82,760
Adjusted assets (=assets-cash), $m
  17,795
  18,926
  20,102
  21,327
  22,603
  23,933
  25,321
  26,768
  28,280
  29,858
  31,507
  33,231
  35,033
  36,918
  38,891
  40,955
  43,117
  45,381
  47,752
  50,236
  52,840
  55,568
  58,429
  61,428
  64,573
  67,871
  71,330
  74,959
  78,766
  82,760
Revenue / Adjusted assets
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
Average production assets, $m
  9,513
  10,117
  10,746
  11,401
  12,083
  12,794
  13,536
  14,310
  15,118
  15,962
  16,843
  17,765
  18,728
  19,736
  20,791
  21,894
  23,050
  24,260
  25,528
  26,856
  28,248
  29,706
  31,236
  32,839
  34,520
  36,283
  38,133
  40,072
  42,108
  44,243
Working capital, $m
  288
  306
  325
  345
  365
  387
  409
  433
  457
  483
  509
  537
  566
  597
  629
  662
  697
  734
  772
  812
  854
  899
  945
  993
  1,044
  1,097
  1,153
  1,212
  1,274
  1,338
Total debt, $m
  4,470
  4,999
  5,550
  6,123
  6,720
  7,343
  7,992
  8,670
  9,377
  10,116
  10,887
  11,694
  12,538
  13,420
  14,343
  15,309
  16,321
  17,380
  18,490
  19,653
  20,871
  22,148
  23,487
  24,891
  26,362
  27,906
  29,525
  31,223
  33,005
  34,874
Total liabilities, $m
  8,328
  8,857
  9,408
  9,981
  10,578
  11,201
  11,850
  12,528
  13,235
  13,974
  14,745
  15,552
  16,395
  17,278
  18,201
  19,167
  20,179
  21,238
  22,348
  23,511
  24,729
  26,006
  27,345
  28,748
  30,220
  31,764
  33,383
  35,081
  36,862
  38,732
Total equity, $m
  9,467
  10,068
  10,694
  11,346
  12,025
  12,732
  13,471
  14,241
  15,045
  15,884
  16,762
  17,679
  18,638
  19,640
  20,690
  21,788
  22,938
  24,143
  25,404
  26,726
  28,111
  29,562
  31,084
  32,680
  34,353
  36,107
  37,948
  39,878
  41,904
  44,028
Total liabilities and equity, $m
  17,795
  18,925
  20,102
  21,327
  22,603
  23,933
  25,321
  26,769
  28,280
  29,858
  31,507
  33,231
  35,033
  36,918
  38,891
  40,955
  43,117
  45,381
  47,752
  50,237
  52,840
  55,568
  58,429
  61,428
  64,573
  67,871
  71,331
  74,959
  78,766
  82,760
Debt-to-equity ratio
  0.470
  0.500
  0.520
  0.540
  0.560
  0.580
  0.590
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
Adjusted equity ratio
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,148
  1,215
  1,286
  1,359
  1,436
  1,516
  1,599
  1,686
  1,777
  1,872
  2,050
  2,154
  2,262
  2,375
  2,494
  2,618
  2,748
  2,884
  3,027
  3,176
  3,333
  3,497
  3,669
  3,849
  4,038
  4,237
  4,445
  4,663
  4,892
  5,132
Depreciation, amort., depletion, $m
  974
  1,029
  1,086
  1,145
  1,207
  1,272
  1,340
  1,410
  1,483
  1,560
  1,531
  1,615
  1,703
  1,794
  1,890
  1,990
  2,095
  2,205
  2,321
  2,441
  2,568
  2,701
  2,840
  2,985
  3,138
  3,298
  3,467
  3,643
  3,828
  4,022
Funds from operations, $m
  2,121
  2,244
  2,372
  2,505
  2,643
  2,788
  2,939
  3,096
  3,260
  3,432
  3,582
  3,769
  3,965
  4,170
  4,384
  4,609
  4,844
  5,090
  5,347
  5,618
  5,901
  6,197
  6,508
  6,834
  7,176
  7,535
  7,911
  8,306
  8,720
  9,154
Change in working capital, $m
  18
  18
  19
  20
  21
  22
  22
  23
  24
  26
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
Cash from operations, $m
  2,104
  2,226
  2,353
  2,485
  2,623
  2,767
  2,916
  3,073
  3,236
  3,406
  3,555
  3,741
  3,936
  4,139
  4,352
  4,575
  4,809
  5,053
  5,309
  5,577
  5,858
  6,153
  6,462
  6,786
  7,126
  7,482
  7,855
  8,247
  8,658
  9,090
Maintenance CAPEX, $m
  -812
  -865
  -920
  -977
  -1,036
  -1,098
  -1,163
  -1,231
  -1,301
  -1,374
  -1,451
  -1,531
  -1,615
  -1,703
  -1,794
  -1,890
  -1,990
  -2,095
  -2,205
  -2,321
  -2,441
  -2,568
  -2,701
  -2,840
  -2,985
  -3,138
  -3,298
  -3,467
  -3,643
  -3,828
New CAPEX, $m
  -583
  -604
  -629
  -655
  -682
  -711
  -742
  -774
  -808
  -844
  -882
  -921
  -963
  -1,008
  -1,055
  -1,104
  -1,156
  -1,210
  -1,268
  -1,328
  -1,392
  -1,459
  -1,529
  -1,603
  -1,681
  -1,763
  -1,849
  -1,940
  -2,035
  -2,135
Cash from investing activities, $m
  -1,395
  -1,469
  -1,549
  -1,632
  -1,718
  -1,809
  -1,905
  -2,005
  -2,109
  -2,218
  -2,333
  -2,452
  -2,578
  -2,711
  -2,849
  -2,994
  -3,146
  -3,305
  -3,473
  -3,649
  -3,833
  -4,027
  -4,230
  -4,443
  -4,666
  -4,901
  -5,147
  -5,407
  -5,678
  -5,963
Free cash flow, $m
  709
  757
  804
  853
  904
  957
  1,011
  1,068
  1,127
  1,188
  1,222
  1,288
  1,357
  1,429
  1,503
  1,581
  1,663
  1,747
  1,836
  1,929
  2,025
  2,126
  2,232
  2,343
  2,459
  2,580
  2,707
  2,841
  2,980
  3,126
Issuance/(repayment) of debt, $m
  508
  529
  550
  573
  597
  623
  649
  678
  707
  739
  772
  807
  843
  882
  923
  966
  1,012
  1,059
  1,110
  1,163
  1,218
  1,277
  1,339
  1,404
  1,472
  1,544
  1,619
  1,698
  1,782
  1,869
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  508
  529
  550
  573
  597
  623
  649
  678
  707
  739
  772
  807
  843
  882
  923
  966
  1,012
  1,059
  1,110
  1,163
  1,218
  1,277
  1,339
  1,404
  1,472
  1,544
  1,619
  1,698
  1,782
  1,869
Total cash flow (excl. dividends), $m
  1,217
  1,286
  1,355
  1,427
  1,501
  1,579
  1,661
  1,746
  1,834
  1,927
  1,994
  2,095
  2,201
  2,311
  2,427
  2,548
  2,674
  2,807
  2,946
  3,091
  3,244
  3,403
  3,571
  3,747
  3,931
  4,124
  4,326
  4,539
  4,762
  4,996
Retained Cash Flow (-), $m
  -570
  -601
  -626
  -652
  -679
  -708
  -738
  -770
  -804
  -840
  -877
  -917
  -959
  -1,003
  -1,049
  -1,098
  -1,150
  -1,204
  -1,261
  -1,322
  -1,385
  -1,452
  -1,522
  -1,596
  -1,673
  -1,755
  -1,840
  -1,930
  -2,025
  -2,125
Prev. year cash balance distribution, $m
  1,189
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,836
  685
  729
  775
  822
  872
  923
  975
  1,030
  1,087
  1,117
  1,178
  1,242
  1,308
  1,377
  1,449
  1,524
  1,603
  1,684
  1,770
  1,859
  1,952
  2,049
  2,151
  2,258
  2,369
  2,486
  2,608
  2,737
  2,871
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,760
  627
  634
  638
  638
  633
  623
  610
  592
  570
  530
  503
  472
  439
  404
  368
  332
  295
  259
  225
  192
  162
  134
  110
  88
  69
  53
  40
  30
  22
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Air Products and Chemicals, Inc., is an industrial gases company. The Company's Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. The Company is also a supplier of liquefied natural gas process technology and equipment. The Company operates through five segments: Industrial Gases-Americas, Industrial Gases-Europe, Middle East, and Africa (EMEA), Industrial Gases-Asia, Industrial Gases-Global, and Corporate and other.

FINANCIAL RATIOS  of  Air Products&Chemicals (APD)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 4.1
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 21.6
Price to Free Cash Flow 64.3
Growth Rates
Sales Growth Rate 9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.5%
Cap. Spend. - 3 Yr. Gr. Rate -5.3%
Financial Strength
Quick Ratio 7
Current Ratio 0.1
LT Debt to Equity 33.7%
Total Debt to Equity 39.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 17%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 22.8%
Ret/ On T. Cap. - 3 Yr. Avg. 12.4%
Return On Equity 35%
Return On Equity - 3 Yr. Avg. 20.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 29.7%
Gross Margin - 3 Yr. Avg. 29.7%
EBITDA Margin 29.4%
EBITDA Margin - 3 Yr. Avg. 30.5%
Operating Margin 17.4%
Oper. Margin - 3 Yr. Avg. 17.8%
Pre-Tax Margin 17.3%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 36.6%
Net Profit Margin - 3 Yr. Avg. 20.5%
Effective Tax Rate 18.4%
Eff/ Tax Rate - 3 Yr. Avg. 23.3%
Payout Ratio 26.3%

APD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APD stock intrinsic value calculation we used $8187.6 million for the last fiscal year's total revenue generated by Air Products&Chemicals. The default revenue input number comes from 0001 income statement of Air Products&Chemicals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our APD stock valuation model: a) initial revenue growth rate of 6.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for APD is calculated based on our internal credit rating of Air Products&Chemicals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Air Products&Chemicals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of APD stock the variable cost ratio is equal to 79.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for APD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Air Products&Chemicals.

Corporate tax rate of 27% is the nominal tax rate for Air Products&Chemicals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the APD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for APD are equal to 109.1%.

Life of production assets of 11 years is the average useful life of capital assets used in Air Products&Chemicals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for APD is equal to 3.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10086.2 million for Air Products&Chemicals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 219.272 million for Air Products&Chemicals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Air Products&Chemicals at the current share price and the inputted number of shares is $34.1 billion.

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COMPANY NEWS

▶ Air Products to build liquid hydrogen plant in Houston area   [09:07AM  American City Business Journals]
▶ Air Products Declares Quarterly Dividend   [Jul-19-18 09:01AM  PR Newswire]

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